The view from St. Petersburg: Vladimir Yakunin

On day two of the St. Petersburg Economic Forum Business RT spoke with Russian Railways head, Vladimir Yakunin, about the plans of the company.

RT: How is profit in June looking? What percent up or down year on year?

VY: "We are now getting higher, and total dropdown still 14 percent. This is big, but I suppose we will overcome this."

RT: How far are you below the pre-crisis level at the moment?

VY: "Pre-crisis? Well, that is exactly pre-crisis level."

RT: When you talk about IPO in two years, then, realistically what part of the company can be offered?

VY: "Our position is – before we finish the third stage of reformation we will not suggest the government to go on IPO. As for our daughter (subsidiary) companies we are already on track with TransContainer, we are ready to the same with the first Freight Company and we will not stop."

RT: With TransContainer and first Freight Company what share and how much money are you planning to raise?

VY: "49%"

RT: How much more money would you like ideally?

VY: "Speaking about the possible rise in tariffs- the only opportunity for us – we need at least 35% reimbursement of our losses due to the state regulation in the region of our passenger operations. In such circumstances we need to have subsidies of at least 25 billion roubles for infrastructure."